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ReconArt, Inc.

SITE PRIVACY POLICY

This Privacy Policy governs the manner in which ReconArt, Inc. (“ReconArt”) collects, uses, maintains and discloses information collected from users (each, a “User”) of the ReconArt.com website (“Site”). This privacy policy applies to the Site and all products and services offered by ReconArt.

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We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site, register on the site, fill out a form, and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, name, email address. We will collect personal identification information from Users only if they voluntarily submit such information to us. Users can always refuse to supply personally identification information, except that it may prevent them from engaging in certain Site related activities.

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We may collect non-personal identification information about Users whenever they interact with our Site. Non-personal identification information may include the browser name, the type of computer and technical information about Users means of connection to our Site, such as the operating system and the Internet Service Providers utilized and other similar information.

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Our Site may use “cookies” to enhance User experience. User’s web browser places cookies on their hard drive for record-keeping purposes and sometimes to track information about them. User may choose to set their web browser to refuse cookies, or to alert you when cookies are being sent. If they do so, note that some parts of the Site may not function properly.

How we use collected information

ReconArt may collect and use Users personal information for the following purposes:

  • To improve customer service:  Information you provide helps us respond to your customer service requests and support needs more efficiently.
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  • To improve our Site:  We may use feedback you provide to improve our products and services.
  • To send periodic emails:  We may use the email address to respond to their inquiries, questions, and/or other requests.

 

How we protect your information
We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorized access, alteration, disclosure or destruction of your personal information, username, password, transaction information and data stored on our Site.
Sensitive and private data exchange between the Site and its Users happens over a SSL secured communication channel and is encrypted and protected with digital signatures.

Sharing your personal information

We do not sell, trade, or rent Users personal identification information to others. We may share generic aggregated demographic information not linked to any personal identification information regarding visitors and users with our business partners, trusted affiliates and advertisers for the purposes outlined above.

Changes to this privacy policy

ReconArt has the discretion to update this privacy policy at any time. When we do, we will revise the updated date at the bottom of this page. We encourage Users to frequently check this page for any changes to stay informed about how we are helping to protect the personal information we collect. You acknowledge and agree that it is your responsibility to review this privacy policy periodically and become aware of modifications.

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Contacting us

If you have any questions about this Privacy Policy, the practices of this site, or your dealings with this site, please contact us at: ReconArt – info[at]reconart[dot]com

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Oct / 20 / 2021

Optimizing Period End GL Balance Sheet Account Reconciliation

Software solutions dealing with account reconciliation have been around since the 1960s.  Originally developed on mainframes, they were designed to automate the ‘ticking and tying’ of transactions to ensure that they matched.   To some extent they replaced human resources, with ever increasing labor cost, performing those tasks and making inevitable errors.  They drove cost savings and operational efficiencies.   As software developers started to embrace client server technology so the functionality of these reconciliation platforms evolved, often adding in features to assist with addressing any exceptions or breaks that came out of the matching process.  It was not until much later – in the earlier part of this century – that a different facet of reconciliation emerged as a key requirement for many organizations either through legislation (e.g. the United States’ Sarbanes-Oxley Act (SOX) which followed various corporate financial scandals such as Enron), or through plain good old financial governance.  Welcome to period end GL balance sheet reconciliation.

Suddenly businesses were faced with having to perform two very different types of reconciliation.  On the one hand there is a need to perform a much more transaction focused, possibly daily (dependent upon volumes), reconciliation, e.g. the bank account reconciliation; on the other there is a need to verify account balances in the general ledger, the primary book of record.  The traditional reconciliation software vendors had one type of solution – let’s call it transaction-matching-based reconciliation for now; new software providers emerged to satisfy the other, newer need for balance sheet reconciliation.  The former set of products was primarily justified in terms of their high costs based upon automation and associated cost savings; the newer products were funded by citing legislative or regulatory needs.  We will come back to this later in article.

So why automate you ask yourself?  Why use technology for a process that, at most, happens once a month and often with less frequency for certain lower risk accounts?  In all honesty, unless the software is free, it’s unlikely to be for immediate direct labor efficiency gains.  However, it is for control and auditability.  Today we need to prove that what should have happened actually did happen, and when it happened (was it on time?).  We need to clearly identify who was involved in the process.  We need to have visibility into any supporting facts and documentation.  And, most important of all, we need to have documented accountability.  Businesses today need a software solution that clearly identifies which accounts need reconciling by their risk factors.  One that has a defined workflow that must be followed for explaining and differences and maintaining a complete audit trail of everything.  An online solution that captures digital sign-off at each significant stage of the process, and allows us to be both compliant and efficient.

Sure you can track some of this in a spreadsheet, but where is all the supporting documentation?  Can it get detached?  Does that mean you still have to print reconciliations and manually pass them through a workflow gathering paper-based signatures?  What happens when an auditor or compliance officer asks for evidence?  Where is the spreadsheet, the supporting information, the paper signatures?

The case, therefore, for automating the whole period end reconciliation cycle using proven software is strong.  Not only can it be justified by risk management and compliance protocols, but, when you factor in all the more hidden costs of maintaining a manual environment, the operational efficiency argument likely stands up too.

And so here we return to the dilemma.  The traditional software vendors have been used to charging a lot for their often legacy based matching solutions.  They don’t really get the period end stuff as well as they do the daily automation, and they struggle to deliver all of this at a price point that doesn’t jeopardize their hefty license fees.  The newer entrants get the period end stuff, but struggle to handle the daily matching and exception management capabilities, and often cannot handle the volumes of larger organizations.  And the people who suffer are the businesses getting on with all of their reconcilements.  They either compromise with two solutions: non-integrated, different set-up and administration, varied end user interfaces; or they end up with weak functionality on one side or the other.  What the business world has been demanding is a platform that does not force these compromises or have people reverting to semi-manual Excel and paper-based activities for some of their needs.  That is until now.  Welcome to the ReconArt™: designed to handle, in one modern web-based solution, robust yet highly cost effective functionality to handle everything from daily to those key period end GL account reconciliations.  Welcome to the Total Reconciliation Lifecycle™ solution.

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Case Study

Case Study: New Generation Online Bank

Case Study: New Generation Online Bank

Industry: Banking
Focus: Large volume transaction matching, risk management

The Client is an online bank – a new generation banking institution that strives to make a difference through technology.

read more

ReconArt Customers

Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Soyven
Gathern
Navan
Klar
Daikin
Expedia
Umpqua bank
Calgary co op B&W
deVolksbank
Nedbank
Asos
Fiat Chrysler
Ferratum
Quikrete
New York City Department of Finance
Worldremit
Bill
Catalyst
Xendit
Agency Insurance Company
MidFlorida Credit Union
Sparkasse Bank Malta

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